World-News

Mervyn King, Governor of the Bank of England, fears that America shares many of the same fiscal problems currently haunting Europe.

http://snipurl.com/wd7az



"World's Worst Financial Crisis Ever": Governor Bank of England

The following experts have said that the economic crisis could be worse than the Great Depression.

http://www.washingtonsblog.com/2010/05/mervyn-king-worlds-worst-financial.html



Bank-Failure Tally Grows to 72 for 2010

So far this year, 72 banks have collapsed and the spate of failures is expected to continue throughout 2010.

http://snipurl.com/wd7el



Bank Failures Exceed 2009's Pace

Year-to-date bank failures were more than double the pace for the same period in 2009, when there were 33 bank closures.

http://www.thestreet.com/story/10757598/1/bank-failures-exceed-2009s-pace.html



Bankers' earnings surge towards pre-crash levels

Pay and bonuses totalled £20.5bn in four months to April, compared with £24bn at height of boom in 2007.

http://www.guardian.co.uk/business/2010/may/13/bankers-pay-bonuses-surge



US bankruptcies resume upward path in 1st quarter

U.S. bankruptcy filings resumed their upward climb in the first quarter, nearly equaling their highest level since 2005, as high unemployment and a still-strained housing market squeezed consumers.

http://www.reuters.com/article/idUSN1418760920100514



Eight banks face US investigation

New York Attorney General Andrew Cuomo is looking at whether the relationship between the banks and credit rating agencies was manipulated to gain a better ratings for risky securities.

http://news.bbc.co.uk/2/hi/business/10115471.stm



Millions of jobs lost, many may never return

Jobs in the beleaguered manufacturing sector aren't the only ones likely lost forever. What sets the Great Recession apart is the variety of jobs that may not return.

http://www.msnbc.msn.com/id/37132888/ns/business-stocks_and_economy/



Great Depression 2.0. Bet on it

By Mike Whitney

If the government cuts spending at the same time as consumers, then overall spending declines and the economy slips into recession. This is what the deficit hawks want--a return to recession. This is politics, not economics.

http://www.informationclearinghouse.info/article25516.htm


From Information Clearing House

--------

Crony capitalism caused the crisis

Nolan Chart
by Kenn Jacobine

05/15/10

The old mantra goes, ‘capitalism is a flawed system that requires government intervention to alleviate the suffering caused by its shortfalls.’ Supported by their tax dollar dependent cronies in academia and their big government loving mouthpieces in the mainstream media, our ruling elite has been effective in socializing the masses that they know what they are talking about. It is of course all an attempt to justify expanding the size of government even more so there is more for the politicians to give away to their faithful supporters. Capitalism did not cause the financial crisis that we are still mired in some 29 months after it began; crony capitalism did...

http://www.nolanchart.com/article7704.html


Informant: Thomas L. Knapp

--------

Deficits To Go Galactic
http://www.lewrockwell.com/north/north845.html



http://freepage.twoday.net/search?q=Greece
http://freepage.twoday.net/search?q=financial+crisis
http://freepage.twoday.net/search?q=fiscal+problem
http://freepage.twoday.net/search?q=economic+crisis
http://freepage.twoday.net/search?q=capitalism
http://freepage.twoday.net/search?q=deficit
http://freepage.twoday.net/search?q=recession
http://freepage.twoday.net/search?q=big+government
http://freepage.twoday.net/search?q=ruling+elite
http://freepage.twoday.net/search?q=Great+Depression
http://freepage.twoday.net/search?q=credit+rating
http://freepage.twoday.net/search?q=risky+securities
http://freepage.twoday.net/search?q=bank+failure
http://freepage.twoday.net/search?q=bonus
http://freepage.twoday.net/search?q=bankruptcies
http://freepage.twoday.net/search?q=housing
http://freepage.twoday.net/search?q=job+loss
http://freepage.twoday.net/search?q=unemploy
http://freepage.twoday.net/search?q=taxpayer
http://freepage.twoday.net/search?q=Kenn+Jacobine
http://freepage.twoday.net/search?q=Mike+Whitney
http://freepage.twoday.net/search?q=com/north